Another slew of buy to let lenders have slashed rates on their products as competition for landlords hots up further.
A statement from Accord says that new buy to let borrowers will now benefit from reduced two-year fixed rates, which will see reductions ranging from 0.05% to 0.40%. Three-year fixed rates will also be reducing by 0.10% to 0.20% and Accord’s two-year tracker rates will be reduced by 0.05%.
All the reductions apply across the lender’s new business BTL range, with the exception of its 80% loan-to-value products.
And LendInvest Mortgages has followed up last month’s rate cuts with further reductions on selected five-year rates by up to 0.10%, with rates now starting at 4.99%.
Meanwhile West One’s latest rate changes mean its buy to let range starts at 3.09% and caters for a range of borrowers, including first-time landlords, those with impaired credit, and portfolio landlords wanting to borrow up to £10.5m. The BTL range also offers solutions for HMOs, multi-unit freehold block (MUFB), holiday let, ex-local authority, let-to-buy and expat borrowers.
Buy to Let by Foundation – the buy to let brand of Foundation Home Loans – has launched a new five-year, fixed-rate Limited Edition product. Available within its F1 tier for clients with an ‘almost clean’ credit history, the new product is available up to 75% LTV with a rate of 5.59%, and a 2.25% fee.
Finally The Mortgage Works has today cut rates by up to 0.30% across selected BTL products for both new and existing customers.
For new business, the revised rates include a two-year fixed rate for BTL purchase and remortgage at 3.69% with a 3% fee, available up to 65% LTV, reduced by 0.10%.There’s also a five-year fixed rate for BTL purchase and remortgage at 4.04% with a 3% fee, available up to 65% LTV, also reduced by 0.10%.
The Mortgage Works’ five-year fixed switcher rate at 4.14% with a 3% fee, will see a reduction of 0.10% and is available for BTL purchase up to 75% LTV.
As part of these changes, the lender’s new business rates for limited companies have also been reduced. These include a two-year fixed rate for buy-to-let purchase and remortgage at 4.99% with a 3% fee, available up to 75% LTV, cut by 0.30%.
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